Wednesday, April 1, 2009

Gateway III funding agreement amended

An ordinance to amend the funding agreement for the third phase of 3CDC's Gateway Quarter project has been passed unanimously by Cincinnati City Council.

The amendment was necessary because some of the project's streetscape improvements, including the filling of basement encroachments on private property from the 1100 block to the 1300 block of Vine Street, are not eligible for tax increment financing (TIF) funds.

To cover the improvements, the City will amend the capital agreement to reduce the amount of housing rehabilitation funding by $300,000 and add $300,000 for the basement encroachment portion of the streetscape.

The TIF funding agreement will be amended to replace the $300,000 in housing rehabilitation funds lost in the capital agreement.

The total amount of funding in each agreement will not change.

Applications for building permits to block in the private foundations with masonry were filed last week.

Improvements also will include the burying of public utilities, new traffic signals, decorative street lighting, new sidewalks, new street trees, and new sign and meter poles.

This is the second time the funding agreement has been amended since being signed in December 2007.

The Gateway Quarter's first phase includes 108 new residential units and more than 15,000 square feet of retail space.

Previous reading on BC:
Gateway III funding agreement to be amended (3/24/09)
City Home hits the market (2/25/09)
Model Group releases Trinity Flats rendering (2/23/09)
Lackman Lofts photo update, 2/7/09 (2/12/09)
Fourteenth and Vine photo update, 2/7/09 (2/11/09)